Capella University Total Rewards Package Strategy Analysis Essay

Capella University Total Rewards Package Strategy Analysis Essay

Recommend a strategy (6 pages) for improving a total rewards package  for FFH or a selected organization in order to be competitive with other  employers and to positively support recruitment and retention  initiatives.

Introduction

SEARCH WEBSITES WITH PERTINENT DATA SOURCES, INCLUDING THE  FOLLOWING, FOR GENERAL SALARY INFORMATION. RESEARCH OTHER CAREER-FOCUSED  WEBSITES FOR BENEFITS INFORMATION.

U.S. Department of Labor, Employment and Training Administration. (n.d.). O*Net online.https://www.onetonline.org/

Bureau of Labor Statistics. (n.d.). Databases, tables and calculators by subject. https://www.bls.gov/data/#employment

Demonstration of Proficiency

By successfully completing this assessment, you will demonstrate  your proficiency in the course competencies through the following  assessment scoring guide criteria:

Competency 1: Apply legal standards in human resource management decision making and practice.    

Explain what legal compliance requirements FFH (or a selected  organization) should consider when creating a total rewards package.

Competency 2: Use data to support human resource management decision making.    

Analyze components to include in FFH's (or a selected organization’s) total rewards package.

Compare the salary and benefits components with adding an incentive compensation package.            

COMPETENCY 3: DEVELOP HUMAN RESOURCE MANAGEMENT STRATEGY  RECOMMENDATIONS TO SUPPORT ORGANIZATIONAL GOALS IN A DYNAMIC  ENVIRONMENT.    

Recommend a strategy for compensating FFH's (or a selected organization’s) management.

Competency 5: Communicate human resource management needs, opportunities, and strategies with multiple stakeholders.    

Communicate in a manner that is professional and consistent with  expectations for human resource professionals and master's-level  programs.

Instructions

FFH is concerned about the competitiveness of its total rewards  package. Most store managers and supervisors have been with FFH for over  20 years and have been very satisfied with their compensation. However,  while interviewing prospective candidates, the company is getting  indications that their total rewards package is not equal to their  competitors. You are being tasked with recommending a strategy for  improving FFH's or a selected organization's total rewards package in  order to increase competitiveness with other businesses and to  positively support recruitment and retention initiatives.

Include the following in your total rewards package strategy for HR management and organizational leaders:

Analyze components to include in the total rewards package. This  analysis should include salary and benefits as well as areas beyond  compensation. Should FFH or your selected organization lead the market,  pay at market rates, or lag behind the market? To move toward the  broader definition of total rewards, what two other components should be  considered?  

Compare the salary and benefits components with adding an  incentive compensation package. Is there a benefit to including a bonus,  commission, or profit sharing as part of FFH's or a selected  organization’s total rewards package?

Explain what legal compliance requirements FFH or a selected organization should consider when creating a total rewards package.

Recommend a total rewards package strategy for FFH's or a selected  organization’s management. Do cultural and inclusive practices that  support a diverse workforce impact your recommendations? Justify the  components you are including. 

Your total rewards package strategy should demonstrate  graduate-level writing skills through the accurate communication of  thoughts that support a central idea and use of correct grammar and  mechanics as expected of a human resources professional.

Additional Requirements

References: Support your analysis with at least two academic, scholarly, or professional resources from the Capella University Library.